All-cash offers are the top strategy for winning a competitive bid.
The record-setting housing market has brought anecdotes of frustrated home shoppers being repeatedly outbid and using risky strategies, such as waiving contingencies, to be competitive. And a new Zillow analysis of the age, sex, race and income of home buyers over a decade reveals Millennials and Baby Boomers — two of the biggest generations in American history — are in the market for homes in a big way, and Boomers are winning. Having deep pockets helps.
With an aging population helped by an improving economy, individuals of every age group over 30 were buyers at higher rates in 2019 than those same age groups in 2009. Still, a major construction slowdown after the Great Recession contributed to a lower rate of American households forming in the years since that time.
There simply have not been enough homes for everyone who wanted to move out on their own. That illustrates the size of the gap that still needs filling and the reason for increasing competition among members of these two large generations, the report concludes. “Even before the pandemic, the largest-ever generation entering their 30s and the hangover from more than a decade of underbuilding were on a collision course set to define the U.S. housing market,” said Jeff Tucker, senior economist at Zillow.
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